Off the Charts with Wayne McDonell

EUR/USD's weekly rally appears to have met some initial resistance near the 1.0780 zone, or yearly peaks, as firmer-than-expected US data releases appear to have sparked a mild recovery attempt in the Greenback.

The upbeat sentiment around the British pound remains unchanged so far, with GBP/USD orbiting around multi-month tops near 1.2870 following the weaker US Dollar and cautious remarks from BoE's Bailey.

Gold leaves behind initial losses and advances modestly on Wednesday, regaining the $2,920 zone per troy ounce after the US ISM Services PMI signalled a pick-up in services inflation and employment in February.

Bitcoin price hovers around $87,600 on Wednesday after finding support around $85,000 the previous day. US spot Exchange Traded Funds continued their outflows this week, totaling $217.7 million until Tuesday and signaling institutional demand weakness.

Aave (AAVE), the native token of the Aave lending protocol, is rallying on Wednesday as the crypto market recovers from Monday’s bloodbath. Bitcoin (BTC), Ethereum (ETH), and XRP note small gains on the day as traders maintain a risk-averse stance in crypto, grappling with volatility concerns this week ahead of the White House Crypto Summit on Friday. 

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